% created using textab on Wed Mar 11 21:08:03 2026
\begin{tabular}{rcccccc}
\toprule 
\midrule 
 & \multicolumn{2}{c}{$>50\%$ ownership} & \multicolumn{2}{c}{Any employees} & \multicolumn{2}{c}{Face-to-face contact} \\
 \cmidrule(lr){2-3} \cmidrule(lr){4-5} \cmidrule(lr){6-7} 
\emph{Profits, pct. change} & Yes & No & Yes & No & Higher & Lower \\
\midrule 
$t = -1$ & -0.009 & 0.019 & 0.020 & 0.018 & 0.017 & 0.020 \\
 & (0.025) & (0.020) & (0.018) & (0.031) & (0.025) & (0.021) \\[3pt]
$t = 0$ & 0.005 & -0.013 & 0.009 & 0.000 & -0.020 & 0.023 \\
 & (0.028) & (0.025) & (0.023) & (0.034) & (0.029) & (0.026) \\[3pt]
$t > 0$ avg. & -0.046 & -0.054 & -0.071** & 0.033 & -0.069* & 0.003 \\
 & (0.041) & (0.035) & (0.032) & (0.051) & (0.037) & (0.038) \\
 \cmidrule(lr){2-7} 
Mean profits & \$73,749 & \$114,828 & \$167,850 & \$50,744 & \$91,192 & \$98,384 \\
$N$ owners & 101,849 & 86,251 & 93,130 & 117,880 & 84,494 & 96,709 \\
\midrule 
 & \multicolumn{2}{c}{Spouse employed} & \multicolumn{2}{c}{Parents nearby} & \multicolumn{2}{c}{} \\
 \cmidrule(lr){2-3} \cmidrule(lr){4-5} 
\emph{Profits, pct. change} & Yes & No & Yes & No &  &  \\
 \cmidrule(lr){1-5} 
$t = -1$ & 0.010 & 0.001 & 0.019 & 0.013 \\
 & (0.018) & (0.032) & (0.020) & (0.025) \\[3pt]
$t = 0$ & -0.025 & 0.028 & 0.009 & -0.014 \\
 & (0.021) & (0.040) & (0.025) & (0.028) \\[3pt]
$t > 0$ avg. & -0.058* & 0.007 & -0.018 & -0.055 \\
 & (0.031) & (0.058) & (0.033) & (0.044) \\
 \cmidrule(lr){2-5} 
Mean profits & \$97,236 & \$92,055 & \$97,440 & \$91,391 \\
$N$ owners & 99,512 & 63,754 & 69,874 & 103,151 \\
\midrule 
\bottomrule 
\end{tabular}
